Silver Price Analysis: Tanks after a trendline break, eyes on $70

Silver price tanks nearly 3.50% on Tuesday, clearing a key support trendline after printing a doji on Monday, as markets remained uncertain about the outcome of US-Iran talks. Heightened tensions and a ceasefire about to expire are pushing the precious metals segment into a tailspin. At the time of writing, XAG/USD trades at $77.02.

XAG/USD Price Analysis: Technical Outlook

Silver is shifting bearishly as price action cleared the 100-day SMA at $77.79 and broke a support trendline drawn from the March 23 lows, exacerbating a drop initially towards the 20-day SMA at $74.72.

Once XAG/USD clears $74.00, the next support would be the $70 figure, followed by the February 6 swing low of $64.10. A breach of the latter could challenge the March 23 low of $61.02.

On the upside, if Silver regains the $78.50 level, bullish momentum could build toward a near-term retest of $80.00. Beyond that, the next hurdle is the April 1 high at $83.05. A break above would expose further resistance at the March 13 high of $85.44, followed by the March 12 peak at $87.43 and the March 11 high at $89.42, ahead of the $90.00 psychological level.

XAG/USD Price Chart – Daily